The latest World Ag Supply and Demand Estimates Report says U.S. corn production is forecast at 15.1 billion bushels, down 70 million on a cut in yield to 173 bushels per acre. The corn outlook predicts reduced supplies, down less than one percent, but ten percent above 2022. The season-average corn price received by producers was raised a nickel to $4.95 a bushel.
Soybean production is forecast at 4.1 billion bushels, down 42 million on lower yields. The yield is predicted at 49.6 bushels per acre, down 0.5 bushels from last month. With lower production partly offset by higher beginning stocks, supplies are reduced by 24 million bushels. The season-average soybean price is unchanged at $12.90 per bushel.
Wheat supplies were raised by 85 million bushels this month, primarily on higher production as reported in the NASS Small Grains Summary. The season-average farm price dropped 20 cents per bushel to $7.30.